What Are Your Thoughts About www.OfferSubmission.com?
I wanted to give credit to Dawn for her post on this topic and for following up with her post multiple times in the responses here link is at the top of this post. I tried to hit reblog on ActiveRain but it seems it's still not working. I have found other posts stating they have been having issues with the repost for some time.
I had written a post sometime back, here is a link:
I have worked with my first offer through OfferSubmission.com this week
At the time I had a good experience and wanted to let people know what I could on this new site. Nobody in my area had heard of it and I didn't find any posts about the company on ActiveRain. Time has changed my feelings toward OfferSubmission's great new system.
I read the following response on Dawn's post in the remarks from Ronald Jasgur (Woodward Asset Capital, AKA owners of OfferSubmission):
"OfferSubmission levels the playing field for all buyers agents by ensuring that every offer is presented to, received and decisioned by the bank or institutional seller. Since offers are submitted by the buyer's agent fraud is eliminated and banks receive all offers (not just those that the listing agent wants them to see)."
The video on their website which you can see on my previous post about them stated, "No longer will the banks have to wait weeks for their offer!" Watching that bothers me as I know I spend a lot of time turning in low-ball offers knowing they are going nowhere. I am up very late some nights to make sure I get offers into the banks the same day. What the above statement really is saying is what they WANTED to say in their video. I think it takes some nerve to come onto ActiveRain to bash REO Realtors as a whole like this.
That is not my only problem with OfferSubmission. The flaw in their system, like the title of this post says, is this:They can get a fast turn-in time directly to the bank. (They do turn over docs in a quick manner, I won't knock them for that. I don't know about 24 hours, but it is quickly.) However, when they run into a possible title issue, they don't know what to do or how to handle it within their system. They state to the buyer's agent directly on their site that the contract is now officialy pending. But look at these emails sent to me and the buyer's agent listed below. They say they have nothing to do with the matter of getting the bank docs signed and back to the buyer's agent, then try to blame the listing agent after already stating that they were aware of the review on title issues with the bank and that there is nothing they can do -- the bank's legal department will send them when they send them.
"2457 LAKEVIEW DR, CRESTVIEW, FL 32536 is now officially "pending" and additional offers are no longer being considered at this time.
We sincerely appreciate your diligence and thank you on behalf of the seller for getting this deal together.
Thank you,
The Agent Support Team"
From: OfferSubmission Support Sent: Tuesday, January 25, 2011 1:36 PM To: info@offersubmission.com Cc: 'Brandon Jordan' Subject: RE: Update
The bank is still awaiting legal release from their legal department as is required of all files in this bank's inventory since the moratorium was lifted on December 22nd. We don't have any specific information, other than the process is moving forward. Your timelines don't begin until you received the signed paperwork, and it is likely that the bank will extend closing dates when they execute your contracts.
Howard R.
Agent Support Team
From: OfferSubmission Support Sent: Tuesday, March 22, 2011 12:28 PM To: info@offersubmission.com Cc: 'Brandon Jordan' Subject: RE: information
We don't have an update other than the bank is still waiting for their legal department to release this property after a review of the prior foreclosure. The properties in Florida appear to be taking extra time.
The listing agent should be in contact with the asset manager who is closer to the situation (and who signs contracts). We don't have any influence over their internal procedures.
Howard R.
Agent Support Team
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Replies
I have deal with them before, the fact is that they only present the terms of the contract to asset managers for them to verbally accept an offer, then the listing agent has to submit the entire contract to asset managers for signatures, etc., and wait for that to happen, some of the banks are making sure the foreclosure was done correctly and the title is good before the ratify an offer, and in my experience I have been waiting over 3 months for some contracts.
They charge the buyer's agent for the service of submitting an offer, because a few bad apples in the business don't present ALL the offer to their clients, and like to double dip.
The other flaw with OfferSubmission.com is that if the offer is countered and you re-counter the offer then it automatically sends notice requesting best and highest. One agent in my office was bidding against himself for a property and then drop the bidding and the house remained active for a while and that agent bough it after the next price reduction.